Rep. Eddie Washington
Filed: 3/18/2008
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1 | AMENDMENT TO HOUSE BILL 2361
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2 | AMENDMENT NO. ______. Amend House Bill 2361 by replacing | ||||||
3 | everything after the enacting clause with the following:
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4 | "Section 5. The Deposit of State Moneys Act is amended by | ||||||
5 | changing Section 16.3 as follows:
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6 | (15 ILCS 520/16.3)
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7 | Sec. 16.3. Consideration of financial institution's | ||||||
8 | commitment to its
community.
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9 | (a) In addition to any other
requirements of this Act, the | ||||||
10 | State Treasurer is authorized to consider the
financial
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11 | institution's record and current level of financial commitment | ||||||
12 | to its local
community when deciding whether to deposit State | ||||||
13 | funds in that financial
institution. The State Treasurer may | ||||||
14 | consider factors including, but not
necessarily limited to:
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15 | (1) for financial institutions subject to the federal | ||||||
16 | Community
Reinvestment Act of
1977, the current and |
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1 | historical ratings that the
financial institution has | ||||||
2 | received, to the extent that those ratings are
publicly | ||||||
3 | available, under the federal Community Reinvestment Act of | ||||||
4 | 1977;
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5 | (1) (2) any changes in ownership, management, | ||||||
6 | policies, or practices of the
financial
institution that | ||||||
7 | may affect the level of the financial institution's | ||||||
8 | commitment
to its community;
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9 | (2) (3) the financial impact that the withdrawal or | ||||||
10 | denial of
deposits of State funds might have on the | ||||||
11 | financial institution; and
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12 | (3) (4) the
financial impact to the State as a result | ||||||
13 | of withdrawing State
funds or refusing to deposit | ||||||
14 | additional State funds in the
financial institution.
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15 | To qualify under this Section, a financial institution | ||||||
16 | subject to the federal Community
Reinvestment Act of
1977 must | ||||||
17 | (i) have an overall outstanding CRA rating on its most recent | ||||||
18 | performance evaluation, (ii) certify that it does not make | ||||||
19 | refund anticipation loans, and (iii) certify that it does not | ||||||
20 | fund payday lenders. | ||||||
21 | (b) Nothing in this Section shall be construed as | ||||||
22 | authorizing the State
Treasurer to conduct an examination or | ||||||
23 | investigation of a financial institution
or to receive | ||||||
24 | information that is not publicly available and the disclosure | ||||||
25 | of
which is otherwise prohibited by law.
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26 | (Source: P.A. 93-251, eff. 7-1-04 .)".
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